Nationwide subsidiary The Mortgage Works has moved to boost support for limited company landlords.
The Mortgage Works has boosted its support for limited company landlords by removing the need for all mortgage applicants to be directors.
From Saturday, 15 March, The Mortgage Works reduced rates by up to 0.30 percentage points across selected buy-to-let products for new customers with rates starting from 3.24%.
New business reduced rates include:
- Buy To Let - two-year fixed rate (purchase and remortgage) at 3.24% with a 3% fee, available up to 65% LTV (reduced by 0.15%)
- Buy To Let - two-year fixed rate (remortgage only) at 3.54% with a 3% fee, available up to 65% LTV (reduced by 0.20%)
- Buy To Let - two-year fixed rate (remortgage only) at 4.84% with no fee, available up to 65% LTV (reduced by 0.30%)
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Full details of all rate cuts can be found here.
Joe Avarne, Senior Manager at The Mortgage Works, said: “With rates starting from 3.24% these latest reductions from The Mortgage Works will help widen market access for buy to let investors.”
This means that The Mortgage Works now accepts applications where one applicant is only a shareholder, who owns at least 20 per cent of the shares in the company.
Damian Thompson, Director of Landlord at The Mortgage Works, said: “We are making this change to address the ever-evolving needs of limited company landlords and their requirements on company structures.
"The Mortgage Works has been supporting the limited company buy-to-let market since 2018, and this latest enhancement is another example of our continued commitment to the market.
"It’s also a perfect demonstration of how we continue to listen to and act on feedback we receive from both landlords and brokers.”
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Jessica Folkes, Head of Mortgage Sales at Dynamo, said: “This is a great development, which further strengthens The Mortgage Works’ already strong proposition.
"Limited company landlords continue to expand their presence in the buy-to-let sector and it's great to see lenders supporting landlords and refining their criteria to meet evolving needs.”
Nationwide is the UK's third largest mortgage provider and holds almost £1 in every £10 saved in the UK, as well as one in ten of the UK's current accounts. It also supports landlords and those who rely on the private rented sector for their long-term housing needs through its buy to let business, The Mortgage Works.
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